Building A Credit Report Lenders Will Love You For

Will lenders really love you for having a good credit report score? Love is not the right word of course; lenders are after your money, and never forget that. But the lender's representative will love dealing with your credit application if your credit report is good. If you have a high credit score and spotless credit record, then when you apply for a large loan, you stand a good chance of not only getting the loan approved, but obtaining a competitive interest rate.

How, then, do you go about building up a good credit report score?

The most important thing you can do when beginning to build a good credit report is to always pay your bills on time and to never, ever borrow more than you can afford to pay back. It sounds simple and obvious, but unfortunately, credit can be very tempting, and if you allow yourself to be seduced by the allure of easy credit, you could quickly find yourself in some difficulty. Credit card debt is often the biggest and most impulsive temptation. However, it is essential for your financial well being, and for building a good credit report, that you set and remember your long term goals. You must resist the instant gratification of easy and expensive credit, such as with a credit card.

These days, if you have a good credit record, as reflected in your credit report, it means more than ever. Your chances of getting a car, a house, or being approved for personal loans or credit cards, has for many years been affected by your credit report. Increasingly, though, the report is being accessed for more reasons. Background checks by employers, for example, may include looking at your credit report, and even insurance companies sometimes consider credit reports when deciding whether or not to extend coverage.

To achieve a good credit record, you must have shown that you have borrowed money and then paid it back in accordance with the terms of a loan, with regard to both times and amounts. It also means that you have shown that you do not over extend yourself on credit. One thing to be careful about, though, is not to apply for a lot of loans or credit cards just to increase your chances of being successful in obtaining credit with one. If you do it too many times, you may look like a high risk.

It is a good idea to start building your credit reputation as a young adult. Whether through cell phone ownership or student credit cards, you can start to convince lenders you are a good credit risk, by paying on time every time, and if possible by more than the minimum.

A next step to building a good credit report score is by taking out a car loan. Cars are generally expensive, so a car loan is a real test of your credit score potential. Paying that loan off on time will have a wonderful affect on your credit reputation and report.

Once you have been using credit for a while, you may find it beneficial to monitor your credit and make sure all is well. Request a copy of your credit report once a year, from each credit bureau. It is important to know which of your credit accounts appear in which reports, and to ensure they are all accurate. It is okay to increase both spending and credit, so long as you do not over extend yourself. If you find mistakes on your credit report, make sure you follow the Bureau's instructions to challenge it, in writing. If you follow these steps, you can get your credit rating up to an AAA status and keep it there.

Roy Thomsitt is the owner and part author of http://www.eliminate-cred it-card-debt-now.com

---

Credit Repair: How To Deal With Your Creditors

If you are in danger of credit problems because you... Read More

Ten Steps To Building A Good Credit History

Are you thinking of buying a house? Do you want... Read More

How Your Credit History Can Affect Your Life

Your credit history is an important aspect of your life.... Read More

Choosing The Best Credit Card To Apply For

Always shop around to get the best deal when choosing... Read More

Identity Theft ? Monitor Your Credit Report

The recent security breach at credit card processor CardSystems Solutions... Read More

Minimize your Risk for Identity Theft

Identity theft is the fastest growing crime in America. According... Read More

What Are the Most Common Ways to Commit Identity Theft or Fraud?

It's the number one source of consumer complaints at the... Read More

Finding Reputable Credit Card Companies

You're interested in getting the best credit cards for your... Read More

What You Didnt Know About Your Credit Card Numbers

Have you ever really looked at your credit card and... Read More

Getting Your Credit Report and Understanding Whats On It

If you intend to apply for a loan, you need... Read More

How did a Thief get my Name? Don?t be a Victim of Identity Theft

How do these people get my name? If you have... Read More

Finding and Applying for the Right Credit Card Offer Online

Anywhere you go online nowadays, you will see a multitude... Read More

To Repair Credit Is No longer Satisfactory - Learn How To Earn A Millionaires Credit In 30 Days...

To repair your bad credit does not necessarily mean that... Read More

The Right Way To Credit Repair

If you have a bad credit rating, then you might... Read More

How to Save Money on Your Credit Cards

Credit card companies make their money on the 85% of... Read More

What Is the Fair Credit Reporting Act and What You Should Know About It

The Fair Credit Reporting Act (FCRA) and the recent update... Read More

Recognizing the Signs that You Might Need Credit Counseling

Most families in America today have a credit card; some... Read More

What Is A Credit Report?

Even if you have heard of a credit report, you... Read More

5 Things Your Credit Card Company Keeps Quiet About

Credit Cards can bankrupt you if you let them run... Read More

Negotiating Rates with Your Credit Card Company

Ok, let's face it, everybody hates high credit card rates,... Read More

How to Improve Your Credit Rating

So you got into debt, had problems but you got... Read More

Some Truth About Credit

Credit is currently and has been historically an integral component... Read More

The Best Strategy To Erase Credit Card Debt

Credit card debt is a growing sickness in the United... Read More

Free Credit Reports - How to Maintain Your Credit Profile

Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More

Special Credit Information for Married Couples

If you are married, establish separate credit accounts.Try to finance... Read More

10 Dirty Tricks Credit Card Companies Play

The credit card companies make billions each year in legitimate... Read More

Getting Married? What Are The Finance and Credit Implications?

There is a big difference between looking after your own... Read More

The Hitchhiker?s Guide To Insanity

A new sickness is plaguing the UK called Denial. Denial... Read More

Credit Verus Debt

Secured and unsecured debt - what's the difference?It's easy to... Read More

Two Things You Need To Know About Prepaid Debit Cards

According to the September 2004 issue of the Nilson Report,... Read More

Credit and Its Cost

What is Credit? Credit is money granted by a lender... Read More

Avoiding College Credit Card Traps

Congratulations college freshman! You're about to embark on one of... Read More

Clean Credit Report: Easily Raise Your Credit Score 100 points

Clean Credit Reports, your credit report contains information about where... Read More